Long Yes Bank with stop loss at Rs 329: Angel Broking

The Nifty futures open interest increased by 2.69% while BankNifty futures open interest is increased by 4.59% as market closed at 5350.25 levels.

The Nifty Aug. future closed at premium of 12.85 point against premium of 16.00 points. The Sept. series closed at a premium of 42.85 points.

The Implied Volatility of at the money options is increased from 12.89% to 15.26%. Nifty PCR-OI has decreased from 1.29 to 1.27 levels. The total OI of the market is Rs 1,56,607 crore and the stock futures OI are Rs 33,032 crore

Few of the liquid counters where we have seen high rollovers are COREEDUTEC, MCDOWELL N, JINDALSAW, SUZLON and MCLEODRUS.

FII’s were net buyers in cash market segment; they were net buyers worth of Rs 200 crore On derivatives front they were net buyers in index futures with buildup in open interest indicating some long buildup by them, while in index options they were net sellers in yesterday’s trade.

On options front 5400 call option has seen good amount of buildup in open interest since the IV’s gone up significantly the buildup could be much on the longer side. While the same strike price put option has seen decent unwinding in yesterday’s trade.

Rollover in NIFTY futures is in line at 22%, while of BANKNIFTY futures is quite low at 18% indicating longs have not carried forward.

The counter of YESBANK has seen significant amount of short buildup in last few trading sessions. Off late we have observed the counter has seen huge buildup in open interest with positive CoC and we feel it’s the mix of long and short both.

The stock has decent support at around Rs 335 levels and hence we expect some short covering bounce in this counter which could take the stock to around Rs 354. Go long with the stop loss of Rs 329.